Fannie Mae appoints interim CEO

Fannie Mae [s:fnma], one of the government-backed enterprises that guarantees most U.S. mortgages, on Monday said it appointed Hugh Frater as interim chief executive officer, replacing outgoing CEO Tim Mayopoulos. If approved by Fannie’s regulator, the Federal Housing Finance Agency, Frater will start his new role October 16. Mayopoulos announced in July plans to leave on Oct. 16. Frater is currently a director on Fannie’s board, and previously worked at Berkadia Commercial Mortgage LLC, a real estate company that provides capital markets solutions for multifamily and commercial properties.

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